Getting Help

Insurable interest exists if you (as the policyowner) expect to suffer a financial loss or fail to make a financial gain if the life insured dies

only required required when the policy is issued

after issue, you can assign the policy to a party without insurable interest

Automatically Assumed

You are automatically assumed to have insurable interest in life or lives of

yourself

your spouse

your children

your grandchildren

your employees

your business partners

your guarantor

Exceptions

Insurable interest is not required if the life insured agrees in writing

Consequences

Without insurable interest, you cannot

receive policy benefits

get your premium refunded

The content is meant to be accurate when written. Be sure to use your judgment and consider consulting your advisors for help with your specific situation. Please send suggestions and corrections to info@riscario.com. Better still, why don't you or your advisors volunteer to make this wiki better?
Copyright, Taxevity, 2006 - 2012